Fifth Third Bank Introduces Credit Builder Program
Program designed to help customers build or rebuild credit
Cincinnati – While the country continues toward economic recovery, millions of Americans face the unfortunate reality of poor or impacted credit. To help consumers, Fifth Third Bank is pleased to announce today the introduction of its Credit Builder Program, a full suite of financial tools designed to help consumers establish or reestablish credit.
Credit Builder Program participants will work one-on-one with a financial professional to review their credit profile, choose the appropriate checking and savings packages and establish a savings plan. Program participants receive access to their ongoing credit information at all three major credit reporting agencies through Fifth Third Identity Alert. They may review progress to understand what impacts their scores and use “what if” scenarios to estimate the credit score impact of certain actions. Customers may also apply for a Secured MasterCard tied to the amount of money in their Fifth Third Savings Account to help establish or rebuild their credit history.
“We recognize the need for a program such as Credit Builder, especially during these economic times,” said Ray Webb, senior vice president and head of Retail Banking. “We want to be proactive in helping our customers understand how their decisions impact their credit, and provide the tools and knowledge they need to help manage and achieve their financial goals.”
Webb adds, “Since 2009, Fifth Third Bank has introduced a number of product packages designed to address a variety of short-term financial needs as well as long-term financial goals. These packages better represent the way consumers are managing their finances today and encourage active use and account management.”
In addition to being available at Fifth Third’s more than 1,300 banking center locations, the Bank will bring the Credit Builder Program on the road as the Fifth Third eBus tours the Bank’s markets throughout 2011. The eBus is a 40-foot bus that doubles as a mobile classroom providing credit counseling, financial literacy, homeownership and foreclosure prevention services directly to the community.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $112 billion in assets and operates 16 affiliates with 1,309 full-service Banking Centers, including 101 Bank Mart® locations open seven days a week inside select grocery stores and 2,390 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has a 49% interest in Fifth Third Processing Solutions, LLC. Fifth Third is among the largest money managers in the Midwest and, as of September 30, 2010, had $190 billion in assets under care, of which it managed $26 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third's common stock is traded on the NASDAQ® National Global Select Market under the symbol "FITB."